Global regulators are pursuing disparate approaches to protecting the financial system against future shocks.

WASHINGTON—Global regulators are pursuing disparate approaches to protecting the financial system against future shocks, fracturing an agreement forged in the wake of 2008 financial crisis to adopt a coordinated response.

Policy makers, at odds over how to reduce risk in the financial system, are disagreeing over proper capital levels for banks, derivatives regulation, criminal prosecutions of bankers and even the appropriate forum...